Suraj Estate Developers IPO
Suraj Estate Developers IPO — date, price band, lot size & details 2023
Suraj Estate Developers listed on 26 Dec 2023 at ₹340, 5.6% below the ₹360 issue price.
Suraj Estate Developers is a Mumbai real estate developer focused on value luxury and luxury housing and commercial projects in South Central Mumbai. Its total income was Rs 307.89 crore in FY2023.
Stock price
Suraj Estate Developers is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 18 Dec 2023
- Close 20 Dec 2023
- Allotment 21 Dec 2023
- Refund/credit 22 Dec 2023
- Listing 26 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 20 Dec, 2023 |
|---|---|
| Price Band | ₹340 – ₹360 |
| Face Value | ₹5 |
| Lot Size | 41 Shares |
| Issue Size | ₹400 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,760 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 41 shares at the ₹360 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 41 | ₹14,760 |
| Retail (max) | 13 | 533 | ₹1,91,880 |
| S-HNI (min) | 14 | 574 | ₹2,06,640 |
| S-HNI (max) | 67 | 2,747 | ₹9,88,920 |
| B-HNI (min) | 68 | 2,788 | ₹10,03,680 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 244.00 crore in FY2021 to Rs 307.89 crore in FY2023.
- 02Profit after tax rose from Rs 6.28 crore in FY2021 to Rs 32.06 crore in FY2023.
- 03The whole Rs 400 crore issue was fresh capital, with Rs 285.00 crore for repaying debt.
- 04The source puts return on net worth at 58.18%.
- 05It had 42 completed, 13 ongoing and 16 upcoming projects as of 31 October 2023.
Risks · 5
- 01Total borrowing was Rs 598.50 crore on 30 June 2023, far above net worth of Rs 86.11 crore.
- 02The source puts debt to equity at 8.31, which is very high.
- 03All 13 ongoing projects were in South Central Mumbai as of 31 October 2023, so a slowdown there would hit the whole business.
- 04Property sales and profit can be uneven, and profit was Rs 14.53 crore in the three months to 30 June 2023.
- 05Promoter holding fell from 100% before the issue to 74.95% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Suraj Estate Developers offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 994.73 | 942.58 | 864.00 | 792.00 |
| Total Income | 102.81 | 307.89 | 273.91 | 244.00 |
| Profit After Tax | 14.53 | 32.06 | 26.50 | 6.28 |
| NET Worth | 86.11 | 71.39 | 39.16 | 29.15 |
| Total Borrowing | 598.50 | 593.09 | 638.16 | 600.48 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Suraj Estate Developers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Suraj Estate Developers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 35.64 | 49.81 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹360 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹364.73 Cr of the issue is earmarked to named objects.
About the company
In value luxury it builds high quality 1 BHK and compact 2 BHK flats for aspirational buyers in premium locations. In luxury it builds homes for high net worth buyers in the South Central Mumbai region, which covers areas such as Cuffe Parade, Colaba, Lower Parel and Prabhadevi. It also develops commercial projects.
Its promoter is Rajan Meenathakonil Thomas.
The IPO was Rs 400 crore and was entirely fresh issue. Rs 285.00 crore was planned for repaying borrowings of the company and its subsidiaries, and Rs 35.00 crore for buying land or development rights.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Suraj Estate Developers IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Anand Rathi Advisors Ltd
7 issues handledBest listing: Paras Defence & Space Technologies (+168.0%). Weakest: Anand Rathi Share & Stock Brokers (+4.3%).
ITI Capital Ltd
4 issues handledBest listing: Waaree Energies (+66.3%). Weakest: Allied Blenders & Distillers (+13.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Suraj Estate Developers?
The current Grey Market Premium is ₹25, or 7% over the issue price.
What is the Suraj Estate Developers IPO price band?
₹340 to ₹360, on a face value of ₹5.
When is the allotment?
The basis of allotment is 21 December 2023, with listing on 26 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
